Post-pandemic world economy still feeling COVID-19’s sting

For many developing countries, growth prospects have deteriorated amid tightening credit conditions and rising costs of external financing. In Africa and Latin America and the Caribbean, gross domestic product (GDP) per capita is projected to increase only marginally this year, reinforcing a longer-term trend of stagnating economic performance.

(United Nations News) Prospects for a robust global economic recovery remain dim as the lingering effects of the COVID-19 pandemic carry on, according to the UN’s latest World Economic Situation and Prospects report, released on Tuesday.

Risks of a prolonged period of low growth stand, amid stubborn inflation, rising interest rates, and heightened uncertainties, in addition to the ever-worsening impact of climate change, the report found.

The current global economic outlook also presents an immediate challenge to delivering on the Sustainable Development Goals (SDGs), said Li Junhua, Under-Secretary-General for the Department of Economic and Social Affairs (DESA).

“The global community must urgently address the growing shortages of funding faced by many developing countries, strengthening their capacities to make critical investments in sustainable development and helping them transform their economies to achieve inclusive and sustained long-term growth,” he said.

According to the report, the world economy is now projected to grow by 2.3 per cent in 2023 and 2.5 per cent in 2024, a slight uptick in the global growth forecast for 2023, according to the report, which is produced by DESA.

Read more at: United Nations News

Source: CARICOM TODAY